Consolidated Sustainability Report 2025

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The Consolidated Sustainability Report is the document where the activities carried out by Sella Group in the field of Sustainability are reported. It is drawn up in accordance with Legislative Decree 125/2024, which transposes Directive (EU) 2022/2464/EU, as well as in compliance with the European Sustainability Reporting Standards (ESRS) defined by EFRAG (European Financial Reporting Advisory Group).
Sella Group has been publishing a Social Responsibility Report since 2004. From 2017 to 2023, it also prepared its Non-Financial Statement pursuant to Legislative Decree No. 254/2016, in accordance with the Global Reporting Initiative (GRI) Sustainability Reporting Standards.
The Consolidated Sustainability Reporting is subject to limited assurance by the company from time to time entrusted with the statutory audit.The reporting contents, which refer to fiscal year 2025 (January 1 - December 31), have been identified through a thorough double materiality analysis aimed at identifying the most important ESG issues for our business and our stakeholders.

The Sella Group is guided by the awareness that economic results cannot be separated from a positive impact on the environment and the community. For this reason, it has always paid particular attention to sustainability issues and is committed to a path aimed at continuously improving its positive impact towards its various stakeholders.

During the year, the Group obtained for the first time a sustainability rating from two authoritative international organizations: Standard Ethics and CDP – Carbon Disclosure Project.

Standard Ethics, an agency specialized in assessing sustainability and corporate responsibility policies, expressed a positive opinion on the Sella Group’s activities and strategies in the ESG area, assigning the Corporate Standard Ethics Rating “EE-” (Adequate). This evaluation places the Group among the leading unlisted Italian banks. Considering the strength of the path undertaken and the prospects for improvement in the medium to long term, the agency also assigned a Long Term Expected “EE+” (Very Strong), positioning the Sella Group among the most solid and virtuous institutions in the entire Italian banking system.
CDP (Carbon Disclosure Project), an international organization operating in over 50 countries and a global benchmark in measuring the environmental performance of more than 22,000 companies worldwide, assigned the Sella Group a B score (Climate Change). This positive assessment confirms the Group’s commitment to managing climate risks, ensuring transparency of environmental data, and progressively strengthening its initiatives on climate change.
In addition, to monitor its commitment, the Group has adopted a number of indicators, including:

B Impact Assessment SCORE

For several years, the Group has consistently measured the impact of its environmental, social and governance performance using the B Impact Assessment (BIA) methodology, which analyzes five areas: environment, workers, customers, community and governance, assigning a final score between 0 and 200. When this result exceeds 80, the organization contributes to the transition towards regenerative economic models. The result of this self-assessment, which the Group carried out with the support of Nativa Srl Società Benefit, a leading company in the sustainable evolution of businesses, has grown over time also thanks to a series of initiatives included in a specific multi-year action plan. Today, the Group is consistently above the threshold of 80, with a score of 96.6 at the end of 2025.

SUSTAINABLE INTERMEDIATED VOLUME

In order to measure its progress in supporting truly sustainable initiatives, projects and entities, since 2021 the Group has adopted an internal metric called “sustainable intermediated volume”, which provides in a single view the percentage – out of total loans, customer investments and proprietary securities – that meet ESG criteria identified based on internal assessments. During 2025, also in light of evolving regulatory requirements, the Group decided to adopt stricter rules regarding “sustainable” funding by defining self-regulation criteria for investments based on customers’ sustainability preferences*.
Based on the new criteria, the value of sustainable intermediated volume in 2025 was equal to 32.3%, up by 3 percentage points compared to the 2024 figure of 29.3%, recalculated to ensure comparability over time.

ECONOMIC VALUE GENERATED

A quantitative view of the effects generated by the Group’s activities is represented by the economic value generated, which provides a basic indication of the wealth created by a company. Starting from this result, the economic value distributed is defined, representing the portion allocated to remunerate different stakeholders. For the determination of generated and distributed economic value, reference was made to the ABI Guidelines, which propose a reclassified income statement prepared according to Italian banking sector regulations.
Using this reclassification methodology, the economic value generated by the Group in 2025 amounted to €1,411.6 million, an increase of €117.8 million compared to 2024.
82% was distributed to various stakeholders for a total of €1,153.2 million, up by €111 million compared to the previous year. Over the last nine years, the Group has consistently increased the amount of distributed value, recording an increase of over €636 million between 2017 and 2025.

* The self-regulation criteria applied from 2025 provide that a sustainable investment product is identified as follows:
1- asset management products (UCITS, portfolio management, insurance policies, ETFs) classified under Article 8 or Article 9 pursuant to the SFDR Regulation, issued by companies with a positive ESG due diligence assessment and meeting specific conditions;
2- Green, Social and Sustainability Bonds;
3- corporate equity and bond instruments issued by issuers that meet specific ESG requirements.

The Sella Group is aware that environmental protection is a priority, and that adopting behaviours aimed at reducing global warming and combating climate change, while preserving the future of the planet, is a necessary condition for healthy and sustainable long-term development and a responsibility shared by both businesses and citizens.

Environmental sustainability therefore refers to the concept of responsibility of one entity towards others, and in particular towards future generations: a moral responsibility, even before a legal one.

In this context, the Group’s approach is to act as a promoter of a sustainable economy, both through the continuous improvement of its environmental performance and through its financial intermediation activities.

The strategy to address climate change is therefore twofold:

• supporting customers in their transition journey through advisory services, together with a broad offering of dedicated products and services, and by supporting initiatives and activities that contribute to achieving this objective;
• reducing its own CO₂ emissions (so-called “own emissions”) and their related impacts. Building on the positive results already achieved, the Group aims to continue its environmental impact mitigation initiatives along a decarbonisation pathway – defined on a scientific basis – that is more ambitious than the 1.5°C target of the Paris Agreement.

In line with the climate change strategy approved by the Board of Directors of the Parent Company, Banca Sella Holding, decarbonisation targets have been defined for both the Group’s own greenhouse gas emissions and those related to its portfolio, differentiated by emission source, together with the actions required to achieve them. These targets were set taking into account the regulatory and geopolitical context existing at the time of approval; any significant future developments may require their revision.

With regard to the environmental impact of the Group’s portfolio, alongside the broader approach of contributing to a sustainable economy through its intermediation activities, in 2025 a transition plan was defined for sectors with a high climate impact, covering both the credit portfolio and financial assets held in the proprietary portfolio.

The high climate impact sectors for which medium- and long-term targets have been defined, in line with International Energy Agency (IEA) Net Zero scenarios, are: energy, fossil fuels, the automotive sector, air transport, maritime transport, cement production, iron and steel production and chemical manufacturing. The Real Estate sector has also been included, understood as properties underlying mortgage lending or leasing activities, for which specific targets have been defined on new financing in order to progressively steer the credit portfolio towards high-efficiency buildings, thereby contributing to the decarbonisation of the sector.

The main strategic levers to achieve these targets consist of supporting customers in their transition through an adequate offering of products and services, strengthening active engagement, integrating ESG factors into credit assessment and granting processes, and promoting ESG culture within the organisation.

For actions to support customers' transition, please refer to the section on Customers.
 

In order to achieve these goals, the Group has defined and started a transition plan that, consistent with the guidelines in the environmental sphere declined in the Sustainability Policy, consists of the following decarbonization levers:

• conversion of fossil fuel boilers through the installation of electric heat pumps serving the Head Offices and branches,
• modernization of the heat distribution network in the Head Offices,
• replacement of the type of refrigerant gas used in air conditioning systems in Headquarters and branches with one with a lower environmental impact,
• containment of energy consumption and energy efficiency,
• production of electricity from renewable sources through owned plants,
• reduction of the environmental impact of corporate mobility.

In continuity with what had already been achieved in previous years, activities associated with the various decarbonization levers continued in 2024. With reference to the buildings used by the Group during the year, the main actions and initiatives carried out were:

• replacement of the use of fossil sources with those from renewable energy, thanks to the migration to electric power of a series of gas-fired thermal power plants that involved both Head Offices and branches,
• replacement of windows and doors at the building complex in Biella Via Italia No. 2, one of the Group's main offices,
• replacement of lighting with LED transition in several branches,
• optimization of work spaces (space management) in the Branches,
• constant attention to energy consumption in order to avoid waste.

The Group has also chosen to adopt the internationally recognized LEED® (Leadership in Energy and Environmental Design) protocols developed by the U.S. Green Building Council (USGBC). The buildings to date certified are: 

• the Group Headquarters in Biella - Piazza Gaudenzio Sella 1 certified “Gold” since 2024; 
• the Group Headquarters in Milan - S32 certified “Platinum” since 2018.

Further lever of decarbonization of the Group is the choice of renewable sources for power generation. To date, all (100%) of the electricity purchased and used by the Sella Group in Italy and Romania is “green energy” certified with “Guarantee of Origin” from renewable sources. Worldwide, the percentage of “green energy” certified with “Guarantee of Origin” from renewable sources is 98.9%

With regard to the Group’s own emissions (so-called “own emissions”), based on the analysis of the climate scenarios identified by the IPCC to limit global warming to 1.5°C, as envisaged by the Paris Agreement, more ambitious targets than the science-based pathway have been identified for 2030. For this purpose, emission reduction targets for 2030 have been defined, with 2022 as the base year, expressed in absolute terms for Scope 1 and Scope 2 emissions. 

In order to achieve these targets, the Group has defined and launched a transition plan which, in line with the environmental guidelines set out in the Sustainability Policy, is structured around the following decarbonisation levers:

• conversion of fossil fuel boilers through the installation of electric heat pumps serving Head Offices and branches;
• upgrading of heat distribution systems in Head Offices;
• replacement of refrigerant gases used in air conditioning systems in Head Offices and branches with lower environmental impact alternatives;
• reduction of energy consumption and improvement of energy efficiency;
• production of electricity from renewable sources through owned plants;
• reduction of the environmental impact of corporate mobility.

In continuity with the activities already carried out in previous years, in 2025 the Group continued to implement initiatives related to the various decarbonisation levers.

With regard to the buildings used by the Group, the main actions and initiatives implemented during the year included:

• replacement of fossil energy sources with renewable energy, through the electrification of several gas-powered thermal plants across both Head Offices and branches;
• replacement of windows at the guesthouse facilities within the real estate complex in Biella, Via Italia 2;
• replacement of lighting systems with LED technology both at the Group’s Head Office and in several branches;
• optimisation of workspace utilisation (space management) within Head Offices;
• continuous monitoring of energy consumption in order to avoid waste.

The Group has also decided to adopt the LEED (Leadership in Energy and Environmental Design) protocols developed by the U.S. Green Building Council (USGBC), a globally recognised certification system for sustainable buildings. 

Attention to environmental and sustainability issues also extends to suppliers. The objective is to prioritise those that adopt sustainable management practices and technologies and provide products and services with a lower environmental impact, where the nature of the supply makes it possible and appropriate, alongside the assessment of other requirements such as quality, reliability, reputation and price competitiveness.

Since the end of 2023, the Group has adopted a new Procurement & Cost Management procedure which, as part of the broader project for the re-engineering and digitalisation of the procurement process, requires relevant suppliers of the Group’s Italian companies to accept the Sella Group’s Code of Ethics and to be assigned an ESG score. This score is based on a questionnaire that takes into account the seven core subjects of the UNI ISO 26000:2010 guidelines on Social Responsibility: organisational governance, environment, fair operating practices, labour practices and working conditions, human rights, community involvement and development, and consumer-related issues.

With reference to office supplies, the Group has long chosen to limit the use of paper and toner by redesigning its internal processes with a digital approach and by offering green solutions to its customers, such as the Sella Box service or the use of electronic signature collection at branches.Where printing is still necessary, office paper in A3 and A4 formats is selected based on the presence of specific certifications such as FSC, Ecolabel and ECF. Paper used for customer communications, where still in paper format, is entirely recycled.

The Group considers it fundamental to invest in the people it considers as its distinctive element through the following strategies: 

• growth and development: enable the growth of Team Sella by fostering development paths capable of elevating the professional contribution of people and facilitating attraction and retention of talent; 
  knowledge and training: ensure the growth, dissemination, transmission and updating of Team Sella's skills necessary for the success of the business plan and for the future of the Group; 
  attraction and workplace: attracting the talent the Group is aiming for by offering the best experience of working in the Group, preserving strengths and transforming the work environment to continue to be competitive; 
  diversity & inclusion: making Sella a more inclusive and diverse environment at every level of it, oriented to embrace diversity thus ensuring greater value generation and cultural richness;
  Makers: is the Sella Group's program that puts people at the center, transforming each employee into an engine of innovation and entrepreneurship.

In 2025, the identified relevant positive impacts were driven by several particularly significant initiatives:

• continuous development of Lynfa, the Sella Group’s academy: a learning environment that fosters networking among its participants, both internal and external to the Group, as a key driver of personal and professional development;
• consolidation of the new information system for Human Resources management;
• continuous measurement of the Trust Index across all countries where the Group operates: this index collects and measures the opinions and feedback of Sella Team members (on an anonymous and protected basis) regarding the working environment and corporate culture. In 2025, the Sella Group’s Trust Index reached 72 points, increasing by 1 point compared to 2024 and by 8 points compared to 2022. This result, together with the analysis of the Culture Brief conducted by Great Place to Work, enabled the Group to obtain Great Place to Work certification in all countries. Additionally, the survey results and the Culture Audit allowed the Group to be included in the Italian ranking of Best Workplaces 2025 among companies with more than 1,000 employees.

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Sella has always considered diversity a winning factor for its success: diversity and inclusion are part of the Group's everyday life. In 2024 the Group has had several initiatives in this area: a multi-year research project with the Università Cattolica del Sacro Cuore to study the phenomenon of economic violence in interpersonal relationships, participation in the work of ValoreD, adherence to the proposal launched by the M&M association aimed at making a public commitment in favor of gender equality in the events in which the Group is called upon to participate, the creation of a dashboard for monitoring diversity and inclusion with more than 20 specific parameters, and the organization of a focus group entitled "Inclusiveness in the Sella group: visions, experiences and challenges to build our future" for the purpose of actively listening to the people of the Group. In 2024, training hours dedicated to diversity and inclusion issues amounted to over 2.600. The Group believes that offering its services accessible to all, is an essential aspect, therefore all Sella group companies have already embarked on a path to make their websites accessible - making their accessibility statement available to users - applications and documentation, breaking down "virtual" barriers.During 2024, a structured and in-depth approach was adopted for structuring development paths and sharing development actions for the Group's people.  
With a view to supporting the well-being of people in the organization and maintaining a high level of motivation and engagement, in continuity with previous years, the corporate welfare system available to all Italian employees and employees was enriched and promoted.

The Sella group, in accordance with its own values and role:

• supports entrepreneurship, the value of work, innovation and talent, and fosters networking opportunities through an ecosystem designed to support growth, transition and digital transformation;
• supports, promotes and implements initiatives benefiting the local communities and territories, both through its own initiatives and in collaboration with the various stakeholders operating within them (public institutions, schools, industry associations, etc.);
• contributes to the development of cultural initiatives linked to the local areas and their growth, also through charitable donations and sponsorships;
• supports and promotes social and solidarity initiatives for the benefit of the wider community, particularly in the areas in which it operates, both through financial support and volunteer activities;
• does not provide direct or indirect contributions to political parties, movements, committees or organizations, nor to their representatives or candidates.

The Group maintains constant interaction with affected communities through various ways and initiatives. Here are some by way of example relating to key issues for the Group:

• stakeholder engagement process for the assessment of material impacts: on an annual basis, the Group invites communities and local stakeholders, including through a dedicated questionnaire available online on the Group’s website, to express their views on the significance of the impacts identified by Sella Group in relation to its activities;
• promotion of an entrepreneurial culture, particularly through Sellalab, the Group’s open innovation platform with impact: Sellalab’s educational activities at local level contribute to the dissemination of knowledge and enable engagement with local communities, helping to understand their needs and expectations, which may be addressed through the Group’s services;
• financial education: the promotion of financial literacy is a key pillar of the Group’s educational commitment and is targeted at students, professionals and businesses. To support the education of students and young people, the Group carries out various initiatives, also in collaboration with leading organizations in the sector;
• organization of volunteering initiatives: the Group and its individual companies organize volunteering activities throughout the year at local level. The selection of partner organizations is based on a careful analysis of local needs and an assessment of potential partners in the area.

If you want to find out more about the Group's initiatives to support the community and territory, visit Community and Territory 2025.

The Customer has always been the central element of the Sella Group's business and is the pillar of its organizational model. In 2024, the Group continued to be an active part of change to support economic, social and environmental development. Consistent with the goal of the sustainability plan to be a promoter of a sustainable economy also through its financial intermediation business, supporting its Customers in the process of transition to an economy with positive ESG impact. 

The constant expansion of the range of products and services dedicated to sustainable transition, both in the area of lending and financing, flanked by quality consulting are the essential elements to support Customers in a path of improvement of their sustainability profile, providing them with solutions capable of responding to different needs.  

Being sustainable for Sella means concretely helping Customers in meeting their needs, generating a positive impact on their future, that of their family and the environment around them. A conscious economic model makes it possible to safeguard resources and foster widespread well-being. The Group's commitment is therefore towards responsible choices, capable of generating value for Customers and all its stakeholders.

Sustainable investments

The Group confirms has long been committed to increasing customer awareness of the impact that investments can have on environmental and social sustainability. In this regard, the Group sets its ambition in terms of “sustainability” through:

• consolidation, within the asset management business, of a product range that is formally recognized under regulations as suitable for promoting sustainability or aimed at making sustainable investments;
• oversight of the sustainability of client portfolios for which investment advisory and portfolio management services are provided. In view of the ongoing evolution of both the business and regulatory framework, at least on an annual basis, Banca Sella and Banca Patrimoni Sella & C. (hereinafter also referred to as the Group Banks) define a sustainability objective on funding. 

During 2025, the Group was engaged in the development and enhancement of its product range with the aim of expanding its sustainable offering. In particular, the activities focused on:

• the consolidation of partnerships with Asset Managers capable of offering sustainable investment products, which made it possible to provide clients with more than 2,800 funds classified as Article 8 and Article 9 under the SFDR Regulation;
• the expansion of the captive UCITS range and insurance products with ESG characteristics;
• the conversion of a large part of the discretionary portfolio management range to “sustainable” lines, enabling the offering of 68 Article 8 lines and a new Article 9 line in accordance with the SFDR Regulation;
• ongoing attention to transparency of the information available on financial instruments distributed, as well as to the training of both head office and network staff, in order to better respond to and meet client needs.

In addition, Sella SGR strengthened its commitment by launching 10 Article 8 funds under the SFDR Regulation in 2025 and by converting four existing UCITS in its product range into Article 8 products.

At the end of 2025, the products promoting ESG characteristics pursuant to Article 8 of the SFDR totalled 53, including mutual investment funds, funds of funds, maturity funds and the sub-funds of the Eurorisparmio pension fund. The “Sustainable Investments” fund, on the other hand, pursues sustainable investments as defined under Article 9 of the SFDR.

This long-standing commitment led, by the end of 2025, to assets classified as Article 8 or Article 9 under the SFDR reaching 98% of assets under management.

Sustainable proprietary securities
The Group has defined the principles and guidelines for investment in Group-owned securities from the perspective of sustainability, which will complement the indispensable financial assessments. Sella group 286 In integrating the sustainability factor into its proprietary securities investment strategies, the Group is primarily inspired by the sustainable development goals of the UN Agenda 2030, seeking to promote those that are most likely to be enhanced through the managers’ investment choices.
On the basis of these principles, the Sella Group undertakes the following concrete commitments in the management of its proprietary securities portfolio:

• promote sustainable investments by formulating specific objectives in reference to the holding of amounts of ESG financial instruments (for example, green bonds, social bonds, sustainability bonds);
• integrate the ESG factor into investment choices and reporting systems by monitoring the composition of the portfolio with specific monthly reporting that also includes the ESG ratings and the “E” score of the proprietary securities;
• reduce unsustainable investments by excluding issuers from controversial sectors.

At Group level, sustainable investments (excluding government securities) within the proprietary portfolio amounted to €636.6 million in 2025, compared to an annual target of €565.0 million. These investments represented 28.7% of the total corporate bonds and mutual investment funds portfolio, with an increase of €107.1 million compared to the value at the end of 2024.

Sustainable credit

The Sella Group is strongly committed to implementing virtuous behaviors and offering solutions that help customers effectively manage the transition to a sustainable economy and contribute to the fight against climate change. During 2025, the offer of credit products to support investments in the energy transition was further consolidated with green loans and mortgages aimed at meeting the specific needs of individuals and companies

The assessment of the ESG profile of corporate customers is particularly important and is aimed at measuring the needs of companies with respect to the transition. The mapping of the so-called "sustainable disbursement", with the aim of verifying the achievement of one or more targets enshrined in the 2030 Agenda, is a consolidated activity in the assessment of all credit requests aimed at investments and the "ESG Platform" procedure, in use since 2024, collects a dynamic questionnaire issued to companies on ESG issues, in order to collect information on CO2eq emissions, preparatory to determining the carbon footprint of the loan portfolio and measuring the impacts of transition risk. The outcome of the questionnaire, consisting of questions that probe the positioning of companies on the main issues of the three areas of interest: Environmental-Social-Governance, is summarized in the ESG Score, which returns the greater or lesser alignment of the counterparty with respect to sustainability issues. Alongside the offer of financing and insurance products, support and consultancy activities continued in 2025 both through partnerships with leading companies and through an internal team dedicated to this activity, the "ESG Experts". ESG Experts are technical specialists (environmental engineers, agronomists) who support client companies in the transition paths towards more sustainable models, with a priority focus on decarbonization and improving energy efficiency. For private customers, the catalogue of products and services, which already covers both environmental and social issues, has been further enriched in 2025 with the introduction of the new Purchase and Renovation Mortgage with Energy Requalification product. It is a mortgage that rewards choices related to improving the energy efficiency of buildings and complements the totally free service, already available from 2024, Green Bees. The latter service, created to actively inform customers about the opportunities and risks of the energy transition, is based on a digital platform for advice on the renovation of residential buildings, which can be consulted via Internet Banking and APP, as well as in branches.

The stock of Group-wide loans assessed as sustainable, i.e. attributable to Asset Based Green Loans, tax credits for Ecobonuses purchased, Sustainability Linked Loans, Loans for sustainable investments (the purposes of which are therefore aimed at a sustainable investment regardless of the use of a specific credit product), sustainable loans from a social point of view and sustainable loans from a government point of view, compared to total loans, including tax credits purchased, was 17.85% in 2025, up 15.17% compared to the previous year.